ST. LOUIS, Nov. 13, 2007 (PRIME NEWSWIRE) -- Solutia(r) Inc. (OTCBB:SOLUQ) today announced that its CPFilms(r) business unit has acquired the customer list, patents, production equipment and certain other assets of Acquired Technology, Inc. (ATI) for $6.95 million. The ATI acquisition provides technology to help fuel the growth and development of CPFilms' broad product portfolio while immediately adding sales volume in the dyed window film components segment.
"CPFilms is committed to continuing our strong record of global growth and market development, and this acquisition will help us to take an important step in that direction," said Kent Davies, president of Solutia's CPFilms business. "CPFilms will continue to emphasize customer service, quality, and product performance as we serve ATI's components customers. In addition, we are broadening our portfolio of available technologies to drive window film sales all over the world."
Solutia's CPFilms business is the world's largest producer of high-quality, after-market window films, which bring benefits such as comfort, aesthetics, energy savings, and security when applied to glass. CPFilms also is a leading supplier of high-value precision coated films and film components sold to a variety of industries, and holds market-leading technology positions in support of both businesses. CPFilms is based in St. Louis, Mo., with manufacturing facilities in Martinsville, Va., Axton, Va., Canoga Park, Calif., and Runcorn, U.K.
Based in Alpharetta, Georgia, ATI specializes in dyeing polyester film with a proprietary, patented thermosol process. ATI was formed in 1991 and has exclusively manufactured dyed film since its inception.
Dyed film is an important component of finished window film products and a key segment within CPFilms' Precision Coatings business. The ATI acquisition enhances the business' position as a technology leader and supplier of dyed film while providing technologies that will allow it to continue to emphasize the marketing, manufacturing and development of highly-differentiated branded window films.
Under the purchase agreement, ATI's founders and principal owners, Tony Mercado and Don Futch, will serve as consultants to CPFilms following the closing of the transaction.
Corporate Profile
Solutia (http://www.solutia.com) uses world-class skills in applied chemistry to create value-added solutions for customers, whose products improve the lives of consumers every day. Solutia is a world leader in performance films for laminated safety glass and after-market applications; chemicals for the rubber industry; specialties such as heat transfer fluids and aviation hydraulic fluid and an integrated family of nylon products including high-performance polymers and fibers.
Solutia ... Solutions for a Better Life.
Forward Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "may," "will," "intends," "plans," "estimates" or "anticipates," or other comparable terminology, or by discussions of strategy, plans or intentions. These statements are based on management's current expectations and assumptions about the industries in which Solutia operates. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Solutia's most recent Annual Report on Form 10-K, under "Cautionary Statement About Forward Looking Statements," Solutia's quarterly reports on Form 10-Q, and in filings with the U.S. Bankruptcy Court in connection with the Chapter 11 case of Solutia Inc. and 14 of its U.S. subsidiaries. These reports can be accessed through the "Investors" section of Solutia's website at www.solutia.com. The bankruptcy court filings can be accessed by visiting www.trumbullgroup.com. Solutia disclaims any intent or obligation to update or revise any forward-looking statements in response to new information, unforeseen events, changed circumstances or any other occurrence.